The Real Deal Miami

Two Overtown projects seek $13.5 million bond

The projects include a neuroscience research center and a mixed-use development

November 14, 2014 03:45PM

A rendering of the Overtown Gateway project

A neuroscience research center and a mixed-use project in Miami’s Overtown are together seeking $13.5 million in bond funding through the Miami-Dade County Commission.

Funding for both projects was recommend by the Economic Development & Port Committee Thursday. The financing would come through the Building Better Communities General Obligation Bond Program, which is repaid over time using property taxes, according to the South Florida Business Journal.

The Neuroscience Centers of Florida Foundation is seeking $7.5 million in bond funding for “Project Mercy,” an ambulatory care center. Overtown Gateway Partners, a Miami-based company, applied for $6 million in bonds to fund a mixed-use project of the same name. The project includes apartments, entertainment venues, retail, office space and a hotel. [South Florida Business Journal] – Christopher Cameron